Market Value Added (MVA)
Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
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MVA
Texas Instruments Inc., MVA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the company exhibited volatility over the five-year period. Initial growth from 2021 to 2022 was followed by a substantial decline in 2023, before recovering and demonstrating significant expansion in both 2024 and 2025. Invested capital consistently increased throughout the period, though at varying rates. Market value added mirrored the trends observed in the market value, with a peak in 2025.
- Market Value
- The market value increased from US$162,035 million in 2021 to US$167,443 million in 2022, representing a growth of approximately 3.3%. A significant decrease was then observed in 2023, with the market value falling to US$150,382 million. This was followed by a recovery in 2024, reaching US$175,488 million, and further substantial growth in 2025, culminating in a market value of US$213,272 million. The 2025 value represents the highest observed market value over the period.
- Invested Capital
- Invested capital demonstrated a consistent upward trend throughout the period. It rose from US$16,409 million in 2021 to US$17,563 million in 2022, an increase of approximately 7.0%. Continued growth was observed in subsequent years, reaching US$22,590 million in 2023, US$26,167 million in 2024, and US$28,591 million in 2025. The rate of increase in invested capital appeared to moderate over time.
- Market Value Added (MVA)
- Market value added generally followed the pattern of the market value. It increased modestly from US$145,626 million in 2021 to US$149,880 million in 2022. A decline was then recorded in 2023, with MVA falling to US$127,792 million. The value recovered to US$149,321 million in 2024 and experienced substantial growth in 2025, reaching US$184,681 million. The MVA in 2025 represents the highest value observed during the analyzed period.
- Relationship between MVA and Invested Capital
- The MVA consistently exceeded invested capital throughout the period, indicating that the company generated substantial value beyond the capital invested. The gap between MVA and invested capital widened significantly in 2024 and 2025, suggesting an increasing efficiency in value creation relative to invested capital.
MVA Spread Ratio
Texas Instruments Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited fluctuations over the five-year period. Initially, MVA increased from $145,626 million in 2021 to $149,880 million in 2022, before decreasing to $127,792 million in 2023. A subsequent recovery was observed in 2024, with MVA reaching $149,321 million, and continued growth into 2025, culminating in a value of $184,681 million.
Invested capital demonstrated a consistent upward trend throughout the period. Starting at $16,409 million in 2021, it rose to $17,563 million in 2022, $22,590 million in 2023, $26,167 million in 2024, and finally reached $28,591 million in 2025.
- MVA Spread Ratio
- The MVA spread ratio, representing MVA as a percentage of invested capital, generally decreased from 2021 to 2023. It began at 887.48% in 2021, declining to 853.39% in 2022, and then significantly to 565.70% in 2023. A slight increase to 570.65% was noted in 2024. The ratio then increased further in 2025, reaching 645.94%.
- The decline in the MVA spread ratio from 2021 to 2023 suggests that while MVA decreased in 2023, invested capital increased at a faster rate. The subsequent increases in both MVA and the ratio in 2024 and 2025 indicate a more favorable relationship between value creation and capital employed during those years.
The observed patterns suggest a period of value erosion relative to invested capital in 2023, followed by a recovery and improved efficiency in value creation as evidenced by the increasing MVA spread ratio in the later years of the period.
MVA Margin
Texas Instruments Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Market value added (MVA)1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
Market value added (MVA) exhibited fluctuations over the five-year period. Initially increasing from 2021 to 2022, MVA then decreased in 2023 before recovering and demonstrating substantial growth in both 2024 and 2025. Revenue followed a similar pattern of initial growth, a decline in 2023, and a subsequent recovery, though the rate of increase differed from that of MVA. The MVA margin, calculated as MVA relative to revenue, showed considerable variability throughout the period.
- Market Value Added (MVA)
- The MVA began at US$145,626 million in 2021, increasing to US$149,880 million in 2022. A decrease was then observed in 2023, with MVA falling to US$127,792 million. Subsequent years saw a recovery, with MVA reaching US$149,321 million in 2024 and further increasing to US$184,681 million in 2025. This indicates a strengthening of shareholder value in the latter part of the period.
- Revenue
- Revenue increased from US$18,344 million in 2021 to US$20,028 million in 2022. A decline occurred in 2023, with revenue decreasing to US$17,519 million. Revenue continued to fall in 2024 to US$15,641 million, before partially recovering to US$17,682 million in 2025. The revenue trend suggests potential cyclicality or external pressures impacting sales.
- MVA Margin
- The MVA margin was 793.86% in 2021, decreasing to 748.35% in 2022. It continued to decline, reaching 729.45% in 2023. A significant increase was then observed in 2024, with the margin rising to 954.68%. This upward trend continued into 2025, with the MVA margin reaching 1,044.46%. The substantial increase in the MVA margin in the final two years suggests that the company is generating a greater amount of value for each dollar of revenue.
The divergence between revenue and MVA, particularly in 2024 and 2025, is noteworthy. While revenue experienced a moderate recovery, MVA increased at a faster rate, driving the substantial increase in the MVA margin. This suggests improved operational efficiency, cost management, or other factors contributing to value creation beyond revenue growth.